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European shares are tumbling for a third day on Monday as President Trump refused to back down on his tariff plans that have sent shockwaves through markets.

On Sunday, Trump indicated he was not concerned about losses that have wiped out trillions of dollar in value of global stock markets.

"I don't want anything to go down. But sometimes you have to take medicine to fix something," he said.

The pan-European STOXX 600 .STOXX is down almost 6%, with recent winners such as banks .SX7P and defence .SXPARO stocks some of the biggest fallers.

In fact, only two stocks in the whole index are advancing, Britain's International Distribution Services .IDSI.L and Germany's Qiagen QIA.DE, the rest are falling.

Britain's FTSE .FTSE is down 4.8%, France's CAC 40 .FCHI is lower by 6.1%. Germany's DAX .GDAXI fell more than 9% at the open but was last down 6.3%.

The STOXX Europe 600 banks index has dropped 20% in three days since Trump announced the wide-ranging tariff plans, its sharpest three-day fall on record.

Markets are now watching for any backtracking from the U.S. administration, retaliation from major trade partners or concrete signs of renegotiation.

In the meantime, Wall Street futures are also sliding. S&P futures EScv1 are down 4.7%, while Nasdaq futures NQcv1 are lower by 5.2%.

Here's your opening snapshot:

(Samuel Indyk)

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MONDAY'S OTHER LIVE MARKETS POSTS:

EUROPE BEFORE THE BELL: FUTURES TANK AS TRUMP STICKS TO HIS GUNS CLICK HERE

TARIFF MEDICINE'S CRIPPLING SIDE EFFECTS CLICK HERE